Third Supplement dated 11 May 2015 to the Base Prospectus dated 16 October 2014 COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany 25,000,000,000 Medium Term Note Programme (the "Programme") This third supplement (the "Third Supplement") to the base prospectus dated 16 October 2014 (the "Base Prospectus" or the "Prospectus") constitutes a supplement for the purposes of Article 13 of the Loi relative aux prospectus pour valeurs mobilières which implements Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003, as amended by Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010, into Luxembourg Law (the "Luxembourg Law") and is prepared in connection with the 25,000,000,000 Medium Term Note Programme of COMMERZBANK Aktiengesellschaft ("Commerzbank Aktiengesellschaft", "COMMERZBANK", the "Issuer" or the "Bank", together with its consolidated subsidiaries and affiliated companies "COMMERZBANK Group" or the "Group"). Unless otherwise defined herein, expressions defined in the Base Prospectus shall have the same meaning when used in this Third Supplement. This Third Supplement is supplemental to, and should be read in conjunction with, the Base Prospectus and the supplements thereto dated 17 November 2014 and 20 March 2015 (the "Supplements"). This Third Supplement has been prepared following the publication of the COMMERZBANK Group's Interim Report as of 31 March 2015. The Issuer accepts responsibility for the information contained in this Third Supplement and hereby declares, that having taken all reasonable care to ensure that such is the case, the information contained in this Third Supplement is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. To the extent that there is any inconsistency between (a) any statement in this Third Supplement and (b) any other statement in or incorporated in the Base Prospectus, the statements in (a) above will prevail. In accordance with Article 13 paragraph 2 of the Luxembourg Law, investors who have already agreed to purchase or subscribe for the Notes before this Third Supplement is published have the right, exercisable within two working days after the publication of this Supplement, to withdraw their acceptances. The final date of the right of withdrawal will be 13 May 2015. This Third Supplement is available for viewing in electronic form together with the Base Prospectus and the documents incorporated by reference as well as the Supplements thereto at the website of the Luxembourg Stock Exchange (www.bourse.lu). Furthermore, this Supplement is available for viewing in electronic form at the website of COMMERZBANK Aktiengesellschaft (www.commerzbank.com) (available under "Investor Relations", "Bondholder Information"; "Issuance Programmes") and copies may be obtained from COMMERZBANK Aktiengesellschaft, Kaiserstraße 16 (Kaiserplatz), D-60311 Frankfurt am Main.
Amendments to the Base Prospectus Summary Element B.10 on page 4 of the Base Prospectus shall be deleted and replaced by the following: B.10 Qualifications in the auditors' report on the historical financial information Not applicable. Unqualified auditors' reports have been issued on the financial statements and management reports for the financial years ended 2013 and 2014 which are incorporated by reference into this Base Prospectus. For the consolidated interim financial statement (reviewed) as of 31 March 2015, which are incorporated by reference into this Base Prospectus, no auditors' report has been issued. Element B.12 on pages 4 and 5 of the Base Prospectus shall be deleted and replaced by the following: B.12 Selected key financial information, Prospects of the Issuer, Significant changes in the financial position The following table sets forth selected key financial information of the COMMERZBANK Group which has been derived from the respective audited consolidated financial statements prepared in accordance with IFRS as of 31 December 2013 and 2014 as well as from the consolidated interim financial statements as of 31 March 2015 (reviewed): Balance Sheet ( m) 31 December 31 December 2013 *) 2014 31 March 2015 Total assets... 549,654 557,609 605,252 Equity... 26,933 26,960 28,129 Income Statement ( m) January December January March 2013 *) 2014 2014 2015 Operating profit... 731 684 324 685 Pre-tax profit or loss... 238 623 324 619 Consolidated profit or loss **)... 81 264 200 366 *) Prior-year figures restated due to the restatement of credit protection insurance and the tax restatement. **) Insofar as attributable to COMMERZBANK shareholders. There has been no material adverse change in the prospects of the COMMERZBANK Group since 31 December 2014. There has been no significant change in the financial position of the COMMERZBANK Group since 31 March 2015. Zusammenfassung Element B.10 on pages 21 and 22 of the Base Prospectus shall be deleted and replaced by the following: B.10 Beschränkungen im Bestätigungsvermerk zu den historischen Finanzinforma- Entfällt. Uneingeschränkte Bestätigungsvermerke wurden für die Konzernabschlüsse sowie die Konzernlageberichte für die Geschäftsjahre 2013 und 2014, die per Verweis in diesem Basisprospekt einbezogen sind, erteilt. Für den einer prüferischen 2
tionen Durchsicht unterzogenen Konzernzwischenabschluss zum 31. März 2015, der per Verweis in diesen Basisprospekt einbezogen ist, wurde kein Bestätigungsvermerk erteilt. Element B.12 on page 22 of the Base Prospectus shall be deleted and replaced by the following: B.12 Ausgewählte wesentliche Finanzinformationen, Aussichten der Emittentin, Wesentliche Veränderungen in der Finanzlange Die nachstehende Übersicht zeigt ausgewählte Finanzinformationen des COMMERZBANK-Konzerns, die den jeweils geprüften Konzernabschlüssen nach IFRS zum 31. Dezember 2013 und 2014 sowie dem verkürzten, einer prüferischen Durchsicht unterzogenen Konzernzwischenabschluss zum 31. März 2015 entnommen wurden: Bilanz (in Mio ) 31. Dezember 31. Dezember 2013 *) 2014 31. März 2015 Bilanzsumme... 549.654 557.609 605.252 Eigenkapital... 26.933 26.960 28.129 Konzern-Gewinnund Verlustrechnung (in Mio ) Januar Dezember Januar März 2013 *) 2014 2014 2015 Operatives Ergebnis... 731 684 324 685 Ergebnis vor Steuern.... 238 623 324 619 Konzernergebnis **)... 81 264 200 366 *) Anpassung nach Restatements der Kreditversicherungen und Steuern. **) Soweit den COMMERZBANK-Aktionären zurechenbar. Seit dem 31. Dezember 2014 ist keine wesentliche negative Veränderung in den Aussichten des COMMERZBANK-Konzerns eingetreten. Seit dem 31. März 2015 ist keine wesentliche Veränderung in der Finanzlage des COMMERZBANK-Konzerns eingetreten. Description of Commerzbank Aktiengesellschaft On page 110 of the Base Prospectus the following paragraph "Supervisory Board" shall be deleted and replaced by the following: Supervisory Board In accordance with the Articles of Association, the Supervisory Board comprises twenty members. The following overview shows the members of the Bank s Supervisory Board together with their other administrative, management and supervisory board mandates and mandates on similar supervisory bodies both in Germany and abroad or their partnership stakes in enterprises and companies outside the COMMERZBANK Group: Name Main function Other administrative, management or supervisory board mandates and Klaus-Peter Müller Chairman of the Supervisory Board of COMMERZBANK Fresenius SE & Co. KGaA (formerly: Fresenius SE) Fresenius Management SE Linde AG 3
Uwe Tschäge and Chairman of the Central Works Council of COMMERZBANK Deputy Chairman of the Supervisory Board Parker Hannifin Corporation Hans-Hermann Altenschmidt BVV Pensionsfonds des Bankgewerbes AG BVV Versicherungsverein des Bankgewerbes a.g. Gunnar de Buhr Stefan Burghardt Chairman of the Board of Managing Directors of COMMERZBANK s Mittelstandsbank Bremen Sabine U. Dietrich Member of the Board of Management of BP Europe SE Karl-Heinz Flöther Independent consultant management Deutsche Börse AG Prof. Dr.-Ing. Dr.- Ing. E.h. Hans-Peter Keitel Vice president of the Federation of German Industries (Bundesverband der Deutschen Industrie e.v.) Dr. Markus Kerber Chief Executive Officer of the Federation of German Industries (Bundesverband der Deutschen Industrie e.v.) Alexandra Krieger Head of Business Administration/Corporate Strategies Department Mining, Chemicals and Energy Trade Union (Industriegewerkschaft Bergbau, Chemie, Energie) National- Bank AG Member of the Investment Committee at EQT Infrastructure Ltd. ThyssenKrupp AG Member of the Advisory Board of Heitkamp & Thumann Group Member of the Shareholder Committee of the Supervisory Board of Voith GmbH EADS Deutschland GmbH Member of the Board of Directors of EADS N.V. RWE AG Member of the Board of Supervisory Directors of KfW-Bankengruppe (the exercise of the mandate is on hold until further notice) Non-Executive Director of Computershare Limited, Melbourne ABBVIE Komplementär GmbH Oliver Leiberich Dr. Stefan Lippe Former Chief Executive Officer at Swiss Re AG, Zurich and member of the Board of Directors of AXA S.A., Paris Member of the Board of Administration of AXA S.A. Paperless AG Celsius Pro AG Beate Mensch Member of the national 4
Anja Mikus administration of the Vereinte Dienstleistungsgewerkschaft (ver.di) trade union Chief Investment Officer of Arabesque Asset Management Dr. Roger Müller Managing Director and General Counsel of Deutsche Börse AG Dr. Helmut Perlet Chairman of the Supervisory Board of Allianz SE GEA Group AG Barbara Priester COMMERZBANK employee Mark Roach Secretary of the ver.di Trade Union National Administration Fiducia IT AG Margit Schoffer COMMERZBANK employee Nicholas R. Teller Managing Director of Verwaltung E.R. Capital Holding GmbH (Chairman) Member of the Board of Directors of Air Berlin PLC Dr. Gertrude Tumpel-Gugerell Former Member of the Executive Board of the ECB Chairman of the Supervisory Board of Österreichische Forschungsförderungsgesellschaft mbh Österreichische Bundesbahnen Holding AG Finanzmarktbeteiligung Aktiengesellschaft des Bundes Wien Holding GmbH Vereins zur Förderung der BBRZ Gruppe Vienna Insurance Group The Members of the Supervisory Board may be reached at the Bank s business address: Kaiserstrasse 16 (Kaiserplatz), 60311 Frankfurt am Main, Germany. Sub-section "Significant Change in the Financial Position" on page 113 of the Base Prospectus shall be deleted and replaced by the following: "Significant Change in the Financial Position There has been no significant change in the financial position of the COMMERZBANK Group since 31 March 2015." Sub-section "Auditors" on page 114 of the Base Prospectus shall be deleted and replaced by the following: "Auditors COMMERZBANK s statutory auditors are PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft ("PwC"), Friedrich-Ebert-Anlage 35-37, 60327 Frankfurt am Main, Germany. PwC audited the consolidated financial statements for the 2013 and 2014 financial years, which were prepared in accordance with the International Financial Report Standards ("IFRS") and the additional accounting requirements under Section 315a(1) of the German Commercial Code (HGB), and issued an unqualified auditors report in each case. COMMERZBANK's condensed IFRS consolidated interim financial statement as of 31 March 2015 has been subject to a review by PwC and provided with a review report. PwC is a member of the German Wirtschaftsprüferkammer (Chamber of Public Accountants)." 5
Documents incorporated by Reference In the section "Documents incorporated by Reference" on pages 326 and 327 of the Base Prospectus the following table shall be added: Commerzbank Group Interim Report as at 31 March 2015 (English version) Interim management report p. 8 p. 22 Interim risk report p. 23 p. 38 Interim Financial Statements Statement of comprehensive income p. 40 p. 43 Balance sheet p. 44 p. 45 Statement of changes in equity p. 46 p. 48 Cash flow statement (condensed version) p. 49 Selected notes p. 50 p. 91 Review report p. 94 Disclaimer (reservation regarding forward-looking p. 95 statements) 6